April 4, 2017 / 7:42 AM / 8 months ago

S.Africa dollar bond yields, CDS reel after S&P downgrade

LONDON, April 4 (Reuters) - South Africa’s dollar bond yields and credit default swaps rose on Tuesday, still reeling from ratings agency S&P Global cutting the country’s sovereign rating to “junk” on Monday.

The yield on the benchmark 2026 bond jumped nearly 3 basis points to 4.934 percent, according to Tradeweb data.

Five-year credit default swaps - the cost of insuring South African government debt against default - added 1 basis point to 225 bps, its highest level in nearly four months, from Monday’s close of 224 bps, according to data provider IHS Markit. (Reporting by Karin Strohecker, editing by Nigel Stephenson)

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